Beachbody Company Inc (BODI) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to The Beachbody Company’s Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a Q&A session I would like to remind everyone that this conference call is being recorded.

女士們、先生們，午安。歡迎參加 The Beachbody Company 的 2024 年第二季財報電話會議。此時，所有參與者都處於只聽模式。演講結束後，我們將進行問答環節，我想提醒大家，這次電話會議正在錄音。

And I would now like to turn the conference over to our host James Carbonara with Hayden IR. James, you may proceed.

現在我想將會議轉交給我們的主持人 James Carbonara 和 Hayden IR。詹姆斯，你可以繼續了。

Welcome everyone and thank you for joining us for our second quarter earnings call. With me on the call today are Mark Goldston, Executive Chairman of The Beachbody Company; Carl Daikeler, Co-Founder and Chief Executive Officer; and Marc Suidan, Chief Financial Officer. Following the prepared remarks, we’ll open the call up for questions.

歡迎大家，感謝您參加我們的第二季財報電話會議。今天與我一起參加電話會議的有 The Beachbody Company 執行主席 Mark Goldston； Carl Daikeler，共同創辦人兼執行長；和財務長 Marc Suidan。在準備好的發言之後，我們將開始提問。

Before we get started, I would like to remind you of the company’s Safe Harbor language. The statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒您公司的安全港語言。本次電話會議所包含的陳述並非歷史事實，可能被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Actual future results may differ materially from those suggested in such statements due to a number of risks and uncertainties, all of which are described in the company’s filings with the SEC, which includes today’s press release.

由於存在許多風險和不確定性，未來的實際結果可能與此類聲明中建議的結果存在重大差異，所有這些都在該公司向 SEC 提交的文件（包括今天的新聞稿）中進行了描述。

Today’s call will include references to non-GAAP financial measures, such as adjusted EBITDA, net cash and free cash flows. A reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures is available within the earnings release, which can be found on our website.

今天的電話會議將提及非公認會計準則財務指標，例如調整後的 EBITDA、淨現金和自由現金流。這些非公認會計原則財務指標與最具可比性的公認會計原則財務指標的調節可在收益報告中找到，該報告可以在我們的網站上找到。

Now, I would like to turn the call over to Mark.

現在，我想把電話轉給馬克。

Thank you, James, and good afternoon everyone. Q2 2024 was a continuation of Q1’s strong start as we continue to deliver against our strategic initiatives and remain steadfast in our turnaround plan. Starting with financial performance, I’m thrilled to share that revenue was ahead of the midpoint of guidance.

謝謝你，詹姆斯，大家下午好。2024 年第二季是第一季強勁開局的延續，我們將繼續落實我們的策略舉措並堅定不移地執行我們的扭虧為盈計畫。從財務表現開始，我很高興地告訴大家，收入超出了指導的中點。

Second, we beat net loss guidance that coming in with a lower net loss than we were guiding to. And third, adjusted EBITDA also beat guidance. Additionally, we’re pleased to announce that we had our lowest net loss since going public, and this was our third consecutive quarter of positive adjusted EBITDA.

其次，我們超越了淨虧損指引，淨虧損低於我們的指引。第三，調整後的 EBITDA 也超過了預期。此外，我們很高興地宣布，我們的淨虧損達到了上市以來的最低水平，而且這是我們連續第三個季度實現正調整 EBITDA。

Another key performance metric we’re proud to announce is that we’ve reported an overall gross margin of 69%, our best gross margin since 2021. Digital fitness gross margin came in at an impressive 81%, also the highest since 2021, while nutrition also outperformed on gross margin, reaching a 61% level, a level not seen in our nutrition business since 2020.

我們自豪地宣布的另一個關鍵績效指標是，我們報告的整體毛利率為 69%，這是我們自 2021 年以來的最佳毛利率。數位健身毛利率達到令人印象深刻的81%，也是2021 年以來的最高水平，而營養品的毛利率也表現出色，達到61% 的水平，這是我們營養品業務自2020 年以來從未見過的水平。

These margin gains are key because they provide the operating leverage we always highlight. With this stronger structural foundation, incremental revenue will flow through at a much higher rate, really amplifying the impact of our growth initiatives.

這些利潤率成長是關鍵，因為它們提供了我們一直強調的營運槓桿。有了這個更強大的結構基礎，增量收入將以更高的速度流動，真正放大我們成長計畫的影響力。

Moving to key progress made in our turnaround, I want to reiterate the details of our three key turnaround strategies. The first strategy is to enhance our cash liquidity and balance sheet position. In Q1, we reported our first positive free cash flow quarter since 2020, and here in Q2 we took additional strategic actions to fortify our liquidity position in April by proactively amending our revenue covenants for our term loan with Blue Torch Capital.

談到我們在扭虧為盈中取得的關鍵進展，我想重申我們三個關鍵扭虧為盈策略的細節。第一個策略是增強我們的現金流動性和資產負債表狀況。在第一季度，我們報告了自2020 年以來第一個正的自現金流季度，在第二季度，我們採取了額外的戰略行動，透過主動修改我們與Blue Torch Capital 的定期貸款的收入契約來鞏固我們4 月的流動性狀況。

Our amended debt covenant lowered the quarterly revenue threshold from $120 million down to $100 million per quarter, and this will last until December 31, 2024, and then subsequently it will go to $110 million per quarter beginning in Q1 of 2025.

我們修訂後的債務契約將季度收入門檻從 1.2 億美元降低到每季 1 億美元，這將持續到 2024 年 12 月 31 日，然後從 2025 年第一季開始達到每季 1.1 億美元。

We also paid down another $4 million on the debt, reducing the outstanding debt principle to $25 million, which is one half of what it was a year ago. The liquidity covenant was also decreased by the same amount of the $4 million pay down from $22 million down to $18 million. We believe this demonstrates that our lender has confidence in our progress to run a positive free cash flow business at a much lower revenue threshold requirement.

我們還還清了另外 400 萬美元的債務，將未償債務本金減少到 2,500 萬美元，是一年前的一半。流動性契約也減少了 400 萬美元，從 2,200 萬美元減少到 1,800 萬美元。我們相信，這表明我們的貸方對我們以低得多的收入門檻要求經營積極的自由現金流業務的進展充滿信心。

The second strategy is establishing operating leverage by significantly reducing costs. We have dramatically reduced our revenue breakeven point by over $400 million from over $900 million in 2022 to under $500 million in 2024. This has been achieved through cost based transformation and re-architecting of the body enterprise.

第二個策略是透過大幅降低成本來建立營運槓桿。我們將營收損益平衡點大幅降低了 4 億多美元，從 2022 年的 9 億多美元降至 2024 年的 5 億美元以下。這是透過基於成本的轉型和車身企業的重新架構來實現的。

We’ve built operating leverage into the P&L at the current revenue run rate, positioning us to drive significant operating profit as our turnaround gains traction. We committed to generating over $250 million in cost savings by 2024 compared to 2021 levels.

我們已經按照目前的收入運行率在損益表中建立了營運槓桿，使我們能夠在扭虧為盈的同時推動可觀的營運利潤。我們承諾到 2024 年，與 2021 年的水準相比，節省超過 2.5 億美元的成本。

And our Q2 2024 results show that we remain on track to deliver these $250 million in cost savings. And the third strategy is to focus on stabilizing revenues and repositioning the company for growth. We’ve developed revenue-driving strategies aimed at boosting our top line, which will debut as we move more towards the end of 2024 and into 2025.

我們 2024 年第二季的結果表明，我們仍有望實現這 2.5 億美元的成本節約。第三個策略是專注於穩定收入並重新定位公司以實現成長。我們制定了旨在提高收入的收入驅動策略，該策略將在我們接近 2024 年底和 2025 年時首次亮相。

As we move forward, we’re enthusiastic about our current and future innovation pipeline, which is centered on increasing consumer accessibility to our extensive library of over 130 programs. Additionally, we plan to investigate strategic collaborations and create inventive marketing campaigns to further broaden the reach of our nutrition business, among other initiatives.

隨著我們的前進，我們對當前和未來的創新管道充滿熱情，其核心是讓消費者更容易存取我們包含 130 多個程式的廣泛庫。此外，我們還計劃研究策略合作並進行創造性的行銷活動，以進一步擴大我們的營養業務的覆蓋範圍等。

A key driver of our future growth is making nutrition available on the body.com website, which just started to become available on a select basis. We’re going to roll this out comprehensively over the coming quarters, so we can start taking our fair share of the $164 billion nutritional supplement TAM, or total addressable market.

我們未來發展的一個關鍵驅動力是在 body.com 網站上提供營養，該網站剛開始選擇性提供。我們將在未來幾季全面推出這項計劃，這樣我們就可以開始在價值 1,640 億美元的營養補充品 TAM（即總目標市場）中佔據公平的份額。

While we love the fitness TAM, which is $13 billion, nutrition clearly gives us a more than12X TAM to chase versus the fitness TAM, the combination of a powerful, digital fitness business and a nutritional supplement business is what makes BODi unique, because we’re the only ones that have both fitness and nutrition as part of a holistic program. Nobody else does that.

雖然我們喜歡價值130 億美元的健身TAM，但與健身TAM 相比，營養顯然為我們提供了超過12 倍的TAM，強大的數位健身業務和營養補充劑業務的結合正是BODi 的獨特之處，因為我們–是唯一將健身和營養作為整體計劃一部分的人。沒有其他人這樣做。

In fact, nutrition is approximately half of the company’s revenues and presents a major growth opportunity. Let me put this in perspective. In the glory days of BODi or The Beachbody Company, our nutrition business was almost $800 million at our peak, and our digital fitness business peaked at $365 million. So, at one point, nutrition was more than 2X the revenue of the fitness business. So, nutrition is a huge area of future opportunity for us.

事實上，營養品約占公司收入的一半，並提供了重大的成長機會。讓我正確看待這一點。在 BODi 或 The Beachbody Company 的輝煌時期，我們的營養業務在巔峰時期接近 8 億美元，而我們的數位健身業務高峰時達到 3.65 億美元。因此，營養品一度是健身業務收入的兩倍多。因此，營養對我們來說是一個巨大的未來機會領域。

So, in summary, before I hand it over to Carl, I want to reiterate that BODi’s performance reflects proof points that the strategy and disciplined focus of our turnaround plan, which we constructed after my arrival in June of 2023, that these things are working and we’re tracking ahead of schedule on critical milestone achievements.

因此，總而言之，在我將其交給 Carl 之前，我想重申 BODi 的表現反映了我們在 2023 年 6 月到來後製定的周轉計劃的戰略和嚴格重點，這些一切進展順利，我們正在提前跟踪重要的里程碑成就。

I am pleased to announce that the company has already achieved the five key strategic imperatives built into the turnaround plan. What are they? One, cutting our debt in half; two, lowering the breakeven point; three, delivering positive adjusted EBITDA for three consecutive quarters; four, building substantial operating leverage into our P&L; and five, and which is the year-to-date we’ve achieved cumulative, positive, free cash flow.

我很高興地宣布，公司已經實現了扭虧為盈計畫中的五項關鍵策略目標。這些是什麼？第一，將我們的債務減半；二、降低損益平衡點；三、調整後 EBITDA 連續三個季度為正值；第四，在我們的損益表中建立大量的營運槓桿；五，這是今年迄今為止我們實現的累積、正、自由現金流。

As we remain in balance sheet optimization mode, we’re going to continue to focus on executing our turnaround plan to optimize cash generation from our valuable asset base with the goal of not only delivering positive adjusted EBITDA and free cash flows, but also focusing on GAAP net income as the next key milestone and the impressive and rapid turnaround of BODi.

由於我們仍處於資產負債表優化模式，我們將繼續專注於執行我們的周轉計劃，以優化我們寶貴資產基礎的現金生成，目標不僅是實現正調整後的 EBITDA 和自由現金流，而且還專注於將GAAP 淨利潤視為下一個關鍵里程碑，以及BODi 令人印象深刻且快速的扭虧為盈。

Importantly, as we move towards Q4 of 2024 and then into 2025, we’ll be tapping our innovation pipeline that we previously spoke about as we attempt to return to revenue growth, which will enable us to take advantage of our dramatically improved operating leverage and deliver even stronger potential, adjusted EBITDA performance.

重要的是，隨著我們邁向 2024 年第四季度，然後進入 2025 年，我們將利用我們之前談到的創新管道，試圖恢復收入成長，這將使我們能夠利用大幅改善的營運槓桿並提供更強大的潛力、調整後的EBITDA 業績。

Now I’m going to turn it over to Carl and he is going to discuss our top line revenue growth initiatives. Carl?

現在我要把它交給卡爾，他將討論我們的收入成長計劃。卡爾？

Mark, thank you. I’ll walk through the initiatives to grow revenue over the coming year that we’ve outlined on prior calls, including the launch of the digital program purchase option to give people an alternative option to access our content, our nutrition strategy and some new launches, expanding our sales channels, new partnerships, the status of our network and international expansion.

馬克，謝謝你。我將介紹我們在先前的電話會議中概述的來年增加收入的舉措，包括推出數位節目購買選項，為人們提供訪問我們的內容、我們的營養策略和一些內容的替代選擇。我們的銷售管道、新的合作夥伴關係、我們的網路狀況和國際擴張。

Okay, first, we continue to expand our digital program purchase initiative that launched at the beginning of the quarter with some promising results. We should recall, this allows us to recapture the power of the DVD model, selling specific programs such as P90X or 80 Day Obsession rather than only offering a subscription.

好的，首先，我們繼續擴大本季初啟動的數位節目購買計劃，並取得了一些可喜的成果。我們應該記得，這使我們能夠重新獲得 DVD 模式的力量，銷售特定節目，例如 P90X 或 80 Day Obsession，而不僅僅是提供訂閱。

And since the digital purchase option entitles the buyer to access their program through the app forever, we also then have a permanent relationship with that customer to make additional offers. And that’s something we were never able to do during our peak years of the DVD business.

由於數位購買選項使買家有權永遠透過應用程式存取他們的程序，因此我們也與該客戶建立了永久的關係，以提供額外的優惠。這是我們在 DVD 業務的鼎盛時期從未能夠做到的事情。

So this is an incredible opportunity to do lifecycle marketing to these customers, offering additional programs for sale, supplements based on their personal needs and in many cases, upgrading them to a full subscription.

因此，這是一個絕佳的機會，可以對這些客戶進行生命週期行銷，提供額外的銷售計劃、根據他們的個人需求進行補充，並且在許多情況下，將他們升級為完整訂閱。

This alternative to purchase fitness content is unique to BODi and its approach to fitness programs, and it recently powered the successful launch of our new BODi LAVA program at the end of June, which exceeded our expectations and has achieved strong engagement in its initial month on the app.

這種購買健身內容的替代方案是BODi 及其健身計劃方法所獨有的，它最近推動了我們新的BODi LAVA 計劃在6 月底的成功啟動，該計劃超出了我們的預期，並在推出的第一個月就獲得了強勁的參與度該應用程式。

The digital program purchase option has been particularly useful as we expand our partnership discussions like we just did with a company called CAP Barbell, where we entered into a partnership to offer one BODi program purchase to anyone who bought their dumbbell set.

當我們擴大合作夥伴關係討論時，數位程式購買選項特別有用，就像我們剛剛與一家名為CAP Barbell 的公司所做的那樣，我們與該公司建立了合作夥伴關係，向購買啞鈴套件的任何人提供一個BODi 程式購買。

The quality of results people get with our specific program brands have been our competitive advantage for 25 years, so we see this as a particularly important expansion of the business model. With that in mind, we’re refining our content investments, giving the customer more of what they want from BODi. So let me walk through our key program content investments for 2024.

25 年來，人們透過我們的特定專案品牌所獲得的成果品質一直是我們的競爭優勢，因此我們認為這是業務模式的特別重要的擴展。考慮到這一點，我們正在完善我們的內容投資，為客戶提供更多他們想要從 BODi 獲得的東西。讓我來介紹一下我們 2024 年的關鍵專案內容投資。

In addition to the recent launch of BODi LAVA. In September, we’ll launch our second major program of the year on BODi, featuring actor Shay Mitchell. That’s called Four Weeks of Focus, designed to provide a four week total body transformation.

除了最近推出的BODi LAVA。9 月，我們將在 BODi 上推出今年的第二個主要節目，由演員 Shay Mitchell 主演。這就是所謂的“專註四週”，旨在提供為期四週的全身轉變。

And our third and final major program this year will be coming out in December and it’s called Belle Vitale. This is a first-of-its-kind comprehensive women’s hormone health program and one of the most exciting brands the company’s ever produced, given that it involves an extremely innovative approach to Pilates, a nutrition plan and a revolutionary nutritional supplement system which addresses key hormonal imbalance issues affecting adult women.

我們今年的第三個也是最後一個主要項目將於 12 月推出，名為「Belle Vitale」。這是第一個全面的女性荷爾蒙健康計劃，也是該公司有史以來最令人興奮的品牌之一，因為它涉及極其創新的普拉提方法、營養計劃和革命性的運動。成年女性的關鍵荷爾蒙失衡問題。

Belle Vitale was developed by super trainer and nutrition expert, Autumn Calabrese, with the support of a team of doctors and hormone experts, and promises to not only be a successful fourth quarter program launch for the company, but we also believe this can be a powerful branded franchise for BODi, similar to the innovation of P90X.

Belle Vitale 由超級培訓師和營養專家 Autumn Calabrese 在醫生和激素專家團隊的支持下開發，承​​諾不僅為公司成功推出第四季度計劃，而且我們也相信這可以成為BODi強大的品牌專營權，類似於P90X的創新。

The supplements included in the Belle Vitale program have gotten particularly strong enthusiasm and demand from our test groups. Those supplements will be a powerful addition to the catalog this winter going into the important first quarter. Also in nutrition, we just launched a line extension of our popular superfood supplement Shakeology with zero-added sugar.

Belle Vitale 計劃中包含的補充劑引起了我們測試小組特別強烈的熱情和需求。這些補充品將成為今年冬天進入重要的第一季目錄的有力補充。同樣在營養方面，我們剛剛推出了我們廣受歡迎的超級食品補充劑 Shakeology 的系列延伸產品，其中含有零添加糖。

In today’s environment, this line extension open up the product to anyone who may be sensitive to sugar, and it’s especially pertinent with our recent announcement of the partnership with the American Diabetes Association to help the over 136 million people who are diabetic or pre-diabetic to get active with our fitness catalog and improve their eating habits, including using Shakeology now with zero-added sugar.

在當今環境下，這條產品線延伸向所有可能對糖敏感的人開放了該產品，這與我們最近宣布與美國糖尿病協會合作以幫助超過 1.36 億糖尿病患者尤其相關。透過我們的健身目錄積極活動並改善飲食習慣，包括立即使用零添加糖的Shakeology。

Okay, next, let’s talk about our broader nutrition business and strategy, which is approximately half the company’s revenues and represents the largest growth opportunity in terms of incremental revenue over the next 12 to 36 months.

好的，接下來，我們來談談我們更廣泛的營養業務和策略，它大約占公司收入的一半，代表著未來 12 到 36 個月增量收入的最大成長機會。

As you know, we haven’t previously marketed our nutrition products outside of our direct selling network and as we mentioned last time, we’ve seen solid growth in the Amazon sales channel and are adding more supplements to our Amazon listings and highlighting the superiority and quality of our formulations.

如您所知，我們之前從未在直銷網路之外行銷我們的營養產品，正如我們上次提到的，我們看到亞馬遜銷售管道的穩健增長，並且正在向我們的亞馬遜清單添加更多補充品並突出顯示我們配方的優越性和品質。

We’re very encouraged by the consistent performance that we’ve seen this year on Amazon. We’ve been transitioning out of older SKUs like the latter brand, and focusing on items like Shakeology, Energize and our natural sleep supplement called Last Thing, which will continue to be central to our Amazon BODi store.

今年我們在亞馬遜上看到的一致表現讓我們深受鼓舞。我們從舊的 SKU（如後一個品牌）轉型，並專注於 Shakeology、Energize 和名為 Last Thing 的天然睡眠補充劑等產品，該產品將繼續成為我們的 Amazon BODi 商店的核心。

Our flagship product, Shakeology, saw a sequential increase in Q2 versus Q1 of 44%, which is particularly impressive since the primary season for health and fitness is Q1.

我們的旗艦產品 Shakeology 在第二季度比第一季環比增長了 44%，這尤其令人印象深刻，因為健康和健身的主要季節是第一季。

Our Shakeology subscribers on Amazon almost doubled quarter-over-quarter and we continue to see steady progress of sales across all our Amazon offerings. We’re also exploring other exciting ideas to monetize some of our brands and formulations into the nutrition pipeline.

我們在亞馬遜上的 Shakeology 訂閱者幾乎比上一季翻了一番，我們繼續看到我們所有亞馬遜產品的銷售穩定成長。我們也正在探索其他令人興奮的想法，將我們的一些品牌和配方轉化為營養產品線的貨幣。

One example is the development of a new independent nutrition supplement line using a brand like P90X to be sold in general retail distribution. This allows us to take advantage of some of the best known brand names in the history of health and fitness, and this expansion into the retail supplement market represents an exciting opportunity for BODi to leverage its strong brand recognition and customer loyalty to reach a wider audience and drive additional revenue growth.

一個例子是使用 P90X 等品牌開發新的獨立營養補充品系列，並在一般零售分銷中銷售。這使我們能夠利用健康和健身史上一些最知名的品牌，而這次向零售補充劑市場的擴張為BODi 提供了一個令人興奮的機會，可以利用其強大的品牌認知度和客戶忠誠度來吸引更廣泛的受眾並推動額外收入成長。

This is a project in early development and we haven’t set a specific target date in 2025 to launch the line, but we’re very excited about the prospect. Likewise, we’re looking forward to expanding our sale of supplements through the 14 million person database and direct marketing channel working with social media influencers who are test and review and promote their experience with our supplements on social media.

這是一個處於早期開發階段的項目，我們尚未設定 2025 年推出產品線的具體目標日期，但我們對這一前景感到非常興奮。同樣，我們期待透過 1400 萬人的資料庫和與社交媒體影響者合作的直接行銷管道擴大我們的補充劑銷售，這些影響者在社交媒體上測試、審查和推廣他們對我們補充劑的體驗。

We’re continuing to review pricing and packaging configurations across all our sales channels to determine the best configuration to market in each sales channel to generate trials, conversions and the highest lifetime value per customer. As for our overall database marketing activities, we continue to execute against our strategy of sending special offers to drive conversion and revenue, and are getting more sophisticated with audience targeting.

我們將繼續審查所有銷售管道的定價和包裝配置，以確定每個銷售管道的最佳行銷配置，從而為每位客戶帶來試用、轉換和最高生命週期價值。至於我們的整體資料庫行銷活動，我們繼續執行發送特別優惠以推動轉換和收入的策略，並且在受眾定位方面變得更加複雜。

And like I mentioned, our launch of the BODi LAVA program to the database was particularly promising at the very end of June when we tested a new framework of introducing a limited time special offer to reactivate the database.

正如我所提到的，我們在 6 月底向資料庫推出的 BODi LAVA 計劃特別有希望，當時我們測試了引入限時特別優惠以重新啟動資料庫的新框架。

I do have to add that the process of engaging and validating this large database is taking longer than expected to make sure that we’re not spamming the list, and we continue to test our messaging to create the most significant revenue while at the same time rebuilding the relationship with the millions of people in our database. We remain optimistic that this will be a very effective customer reengagement tool that will drive LTV with minimal cost of reactivation.

我確實必須補充一點，參與和驗證這個大型資料庫的過程比預期花費的時間更長，以確保我們不會向清單發送垃圾郵件，並且我們將繼續測試我們的訊息傳遞，以創造最可觀的收入，同時是時候重建與我們資料庫中數百萬人的關係了。我們仍然樂觀地認為，這將是一個非常有效的客戶重新參與工具，將以最小的重新激活成本推動生命週期價值。

Turning to our partnerships initiative, as I mentioned, BODi recently announced its partnership with the American Diabetes Association, or ADA, to become their official wellness supporter. The collaboration will include a dedicated BODi and ADA microsite, social media promotions, webinars and an influencer engagement campaign to help improve the awareness of diabetes prevention and management strategies using BODi products.

談到我們的合作夥伴計劃，正如我所提到的，BODi 最近宣布與美國糖尿病協會 (ADA) 合作，成為其官方健康支持者。此次合作將包括專門的 BODi 和 ADA 微型網站、社交媒體促銷、網路研討會和影響力參與活動，以幫助提高使用 BODi 產品預防糖尿病和管理策略的意識。

We’re also very excited to announce strategic partnerships with both Dr. B and TruMed, which allows us to engage and retain our customers by providing purchase reimbursement through their health savings account and flexible savings accounts on almost everything they purchase from BODi from an annual BODi fitness subscription to each month’s supply of Shakeology.

我們也非常高興地宣布與 Dr. B 和 TruMed 建立策略合作夥伴關係，這使我們能夠透過健康儲蓄帳戶和靈活儲蓄帳戶為客戶從 BODi 購買的幾乎所有商品提供購買報銷，從而吸引並留住客戶。每年BODi 健身訂閱每月供應的Shakeology。

By tapping into their HSA or FSA accounts, customers can save up to 40%, making their purchase decision easier than ever. The key takeaway on the partnership front is that good partnerships take time to line up and execute, but we have a healthy pipeline and the announcements around the American Diabetes Association, the Amazon bundle with CAP Barbell and Dr. B and TruMed are all proof points that we are seriously focused on partnerships as a lever to activate more demand.

透過利用他們的 HSA 或 FSA 帳戶，客戶可以節省高達 40% 的費用，讓他們比以往更容易做出購買決定。合作夥伴關係的關鍵要點是，良好的合作關係需要時間來協調和執行，但我們擁有健康的管道，美國糖尿病協會的公告、亞馬遜與 CAP Barbell、Dr. B 和 TruMed 的捆綁都是證明點我們非常重視將夥伴關係作為活化更多需求的槓桿。

The network sales channel, which is comprised of customers who become partners to distribute our products in the direct selling model had a successful summit in late June, and I’m pleased to see their ongoing commitment and energy to helping people discover a healthy lifestyle with the launch of the BODi LAVA program.

由成為合作夥伴以直銷模式分銷我們產品的客戶組成的網路銷售管道在六月下旬成功舉行了峰會，我很高興看到他們持續致力於幫助人們發現健康的生活方式隨著 BODi LAVA 計劃的啟動。

This idea of people turning their own health and fitness habits into a side hustle by sharing their BODi experience on social media remains a significant opportunity in sales channel and the enthusiasm for many of the new products and programs we’ve launched is having a ripple effect as leaders embrace new training, recruiting tactics and incentives to improve productivity.

人們透過在社群媒體上分享BODi 體驗，將自己的健康和健身習慣變成副業，這種想法在銷售管道中仍然是一個重要的機會，人們對我們推出的許多新產品和計劃的熱情正在產生漣漪隨著領導者接受新的培訓、招募策略和激勵措施以提高生產力。

Finally, we have some exciting news on international expansion. We’re pleased to announce our entry into the Australian market where we just launched the BODi app for subscription to our digital fitness and nutrition content. Australia presents an interesting opportunity for BODi given the population’s focus on health and wellness. We’re expecting to build our playbook for future international expansion with the takeaways from this launch.

最後，我們有一些關於國際擴張的令人興奮的消息。我們很高興地宣布進入澳洲市場，我們剛剛推出了 BODi 應用程序，用於訂閱我們的數位健身和營養內容。鑑於澳洲人民對健康和保健的關注，澳洲為 BODi 提供了一個有趣的機會。我們期望透過這次發布的收穫來為未來的國際擴張制定我們的劇本。

Obviously, these are just some of the initiatives that we’re working on and most of all, I’m excited to demonstrate our resolve to continue to turn the company around to both reshape the business model to the current market and meet the ongoing demand for healthy lifestyle in the quarters and years ahead.

顯然，這些只是我們正在採取的一些舉措，最重要的是，我很高興能夠展示我們繼續扭轉公司局面、重塑業務模式以適應當前市場並滿足未來需求的決心。年對健康生活方式的持續需求。

Okay. Now, I hand it over to Marc to walk through the financials. Marc?

好的。現在，我將其交給馬克來詳細介紹財務狀況。馬克？

Thanks, Carl, and thank you, everyone for joining the call today. I am pleased with the Q2 results that we just released. As previously described and in line with our turnaround plan, we remain on track to achieve approximately $250 million in cash cost savings in 2024 over 2021.

謝謝卡爾，也謝謝大家今天加入電話會議。我對我們剛發布的第二季業績感到滿意。如前所述，根據我們的周轉計劃，我們仍有望在 2024 年比 2021 年節省約 2.5 億美元的現金成本。

I will now provide a review of our second quarter financials, starting with revenues. Revenues were $110 million for the quarter, which was above the mid-point of the guidance range compared to the prior quarter, revenues declined 8% and year-over-year revenues declined 18%.

我現在將從收入開始回顧我們第二季的財務狀況。本季營收為 1.1 億美元，高於上一季指引範圍的中點，營收下降 8%，年收入下降 18%。

We are very pleased to announce that gross margin continues to show improvement and remains aligned to our vision of margins in the high 60s. We finished Q2 with 69% in gross margin, representing a 160 basis points improvement from the prior quarter and an 800 basis points improvement from the prior year. This was the highest gross margin reported by the company in three years.

我們非常高興地宣布，毛利率繼續有所改善，並與我們對 60 多美元的利潤率願景保持一致。我們第二季的毛利率為 69%，比上一季提高了 160 個基點，比前一年提高了 800 個基點。這是該公司三年來的最高毛利率。

Let me now comment on our digital and nutrition revenue and gross margins, which make up well over 95% of our revenues. Digital revenue decreased 4% from the prior quarter to $59 million and decreased 10% year-over-year. Our digital subscriber count was 1.15 million compared to 1.22 million in the prior quarter.

現在讓我評論一下我們的數位和營養收入和毛利率，它們占我們收入的 95% 以上。數位營收季減 4% 至 5,900 萬美元，較去年同期下降 10%。我們的數位訂閱用戶數量為 115 萬，而上一季為 122 萬。

Nutrition revenue decreased 10% from the prior quarter to $50 million and decreased 22% year-over-year. It is important to note that we are still in the early stages of reinvigorating our nutrition business and it will take more time to grow the nutrition business sustainably. As both Mark and Carl mentioned, several changes should start taking place in the second half of this year and the results should start to bear fruit over the coming year.

營養品收入較上季下降 10% 至 5,000 萬美元，較去年同期下降 22%。值得注意的是，我們仍處於重振營養業務的早期階段，需要更多時間來永續發展營養業務。正如馬克和卡爾所提到的，今年下半年應該會開始發生一些變化，並且結果應該會在來年開始結出碩果。

At the end of Q2 2024, our nutrition subscriptions were 145,000 compared to 150,000 in the prior quarter. Digital gross margin was 81% for the quarter, which represents a 140 basis points improvement from the prior quarter and is 550 basis points higher than the prior year’s second quarter when it was 75%. This is aligned to our long-term targeted financial model of having our digital gross margin above 80%.

截至 2024 年第二季末，我們的營養訂閱量為 145,000 份，而上一季為 150,000 份。本季數位毛利率為 81%，較上一季提高 140 個基點，比去年第二季的 75% 高出 550 個基點。這與我們的數位毛利率超過 80% 的長期目標財務模型相符。

The improvement is driven by lower content CapEx and related amortizations as we continue to leverage a significant asset which is our library of digital programs. Nutrition gross margin was 61%, representing a 90 basis points improvement from the prior quarter and a 290 basis points increase from the 58% in the prior year second quarter. The year-over-year improvement was driven by carefully managing pricing and inventory. This margin profile keeps us in the long-term targeted model of nutrition gross margin exceeding 60%.

隨著我們繼續利用我們的數位節目庫這一重要資產，內容資本支出和相關攤銷下降推動了這項改進。營養品毛利率為 61%，較上一季提高 90 個基點，較去年第二季的 58% 提高 290 個基點。同比改善是由於仔細管理定價和庫存推動的。這種利潤率狀況使我們維持營養品毛利率超過 60% 的長期目標模型。

Moving onto operating expenses. Excluding prior period restructuring charges, operating expenses for the quarter were $86 million versus $90 million in the previous quarter and $107 million in the same quarter last year. This represents a $21 million reduction in operating expenses versus the same quarter last year.

轉向營運費用。不包括前期重組費用，本季營運費用為 8,600 萬美元，上一季為 9,000 萬美元，去年同期為 1.07 億美元。這意味著營運費用比去年同期減少了 2,100 萬美元。

Selling and marketing expense was 51% of revenue compared to 49% in the prior quarter and 57% in the prior year second quarter. Expenses slightly increased over the first quarter due to the annual summit convention. The large improvement over the prior year is driven by re-architecting our selling and marketing, including the partner network compensation changes that we deployed in January of 2024.

銷售和行銷費用佔收入的 51%，而上一季為 49%，去年第二季為 57%。由於年度高峰會的影響，第一季的費用略有增加。與前一年相比的巨大改進是由於我們重新建構了銷售和行銷架構，包括我們於 2024 年 1 月部署的合作夥伴網路薪酬變化。

Enterprise technology and development was 16% of revenue, up from 15% in the prior quarter and 14% in the prior year second quarter. We continue to refine our e-commerce platform within the current cost structure. G&A was 11% of revenue in line with the prior quarter and it was 9% in the prior year’s second quarter.

企業技術和開發佔營收的 16%，高於上一季的 15% 和去年第二季的 14%。我們繼續在當前成本結構內完善我們的電子商務平台。G&A 佔營收的 11%，與上一季持平，去年第二季為 9%。

We aim to continue driving efficiencies and G&A should stay within this range of costs as a percentage of revenue. Net loss was $11 million, an improvement from the $14 million loss in the prior quarter and a 58% improvement from the prior second quarter loss of $26 million.

我們的目標是持續提高效率，一般管理費用佔收入的百分比應保持在這個範圍內。淨虧損為 1,100 萬美元，較上一季 1,400 萬美元的虧損有所改善，較上一季 2,600 萬美元的虧損減少了 58%。

Adjusted EBITDA was $5 million for the quarter in line with the prior quarter and a significant improvement from the $5 million loss in the second quarter of last year. This is the third consecutive quarter of positive adjusted EBITDA.

本季調整後 EBITDA 為 500 萬美元，與上一季持平，較去年第二季 500 萬美元的虧損有了顯著改善。這是連續第三季調整後的 EBITDA 為正值。

Next, moving onto the balance sheet and cash flows. Our cash balance was $32 million compared to $39 million in the prior quarter. The change in cash was primarily driven by $4 million debt repayment and $2 million in negative free cash flow for the quarter.

接下來，轉向資產負債表和現金流量。我們的現金餘額為 3,200 萬美元，而上一季為 3,900 萬美元。現金變動主要是由於本季 400 萬美元的債務償還和 200 萬美元的負自由現金流所致。

Our net cash position was $11 million at June 30 compared to $14 million at the end of the prior quarter. Our cash used in operations in the second quarter was $1 million versus cash generated in operations of $9 million in the prior quarter and cash used in operations of $6 million in the second quarter of last year.

截至 6 月 30 日，我們的淨現金部位為 1,100 萬美元，而上一季末為 1,400 萬美元。我們第二季營運中使用的現金為 100 萬美元，而上一季營運中產生的現金為 900 萬美元，去年第二季營運中使用的現金為 600 萬美元。

Q1 benefited from the fitness season and both Q2 and Q1 demonstrate our ability to run the company with a much lower cost structure. Inventory was $24 million at the end of the quarter, up from $21 million at the end of the first quarter. Inventory increased from the prior quarter due to higher raw material purchases given our new product launches like Shakeology with zero sugar added.

第一季受益於健身季節，第二季和第一季都證明了我們以低得多的成本結構經營公司的能力。本季末庫存為 2,400 萬美元，高於第一季末的 2,100 萬美元。由於我們推出了零糖添加的 Shakeology 等新產品，原料採購量增加，庫存較上一季增加。

Our CapEx was in line with the prior quarter at $3 million and in line with the prior year second quarter. We continue to maintain a lower CapEx profile, which is showing in our improved margins. We measure free cash flow as our cash generated from operations less PP&E CapEx, which equates to minus $2 million for the quarter, which is consistent with the seasonality trends of Q1 versus Q2.

我們的資本支出與上一季持平，為 300 萬美元，與去年第二季持平。我們持續保持較低的資本支出，這體現在我們利潤率的提高。我們衡量自由現金流的方法是營運產生的現金減去 PP&E 資本支出，相當於本季負 200 萬美元，這與第一季與第二季的季節性趨勢一致。

It was $7 million in the prior quarter and minus $8 million in the prior year second quarter. Our debt balance was $21 million at June 30 and we paid $4 million in principle during the quarter.

上一季為 700 萬美元，去年第二季為 800 萬美元。截至 6 月 30 日，我們的債務餘額為 2,100 萬美元，本季我們原則上支付了 400 萬美元。

Lastly, turning to our outlook for the third quarter, we expect third quarter revenues to be in the range of $97 million to $107 million. We expect a net loss in the range of $13 million to $9 million and we expect adjusted EBITDA in the range of $2 million to $6 million.

最後，轉向我們對第三季的展望，我們預計第三季的營收將在 9,700 萬美元至 1.07 億美元之間。我們預計淨虧損將在 1,300 萬美元至 900 萬美元之間，調整後的 EBITDA 將在 200 萬美元至 600 萬美元之間。

Now, let me turn the call over to Carl for closing comments before we start our Q&A.

現在，在我們開始問答之前，讓我將電話轉給卡爾以徵求結束意見。

Thanks, Marc. I want to reinforce my enthusiasm for our potential despite the challenges we faced over the last few years. The industry has been under constant pressure since the third quarter of 2021, but the opportunity remains clear and extremely significant. More people need our approach to healthy lifestyle than ever before, especially as people use weight loss pharmaceuticals and must find a way to combine that choice with nutrition and fitness that will preserve muscle mass.

謝謝，馬克。儘管我們在過去幾年面臨挑戰，但我想增強對我們潛力的熱情。自2021年第三季以來，該行業一直承受著持續的壓力，但機會仍然明顯且極為重大。越來越多的人比以往任何時候都更需要我們的健康生活方式，特別是當人們使用減肥藥物時，他們必須找到一種方法將這種選擇與營養和健身相結合，以保持肌肉質量。

Likewise, the TAM for nutrition continues to grow, and I’m especially excited by the opportunity to expand the visibility and appeal of our supplement catalog. There aren’t many companies with 25 years of experience navigating the health and fitness category, and there are none that have the agility and assets in hand to create new opportunities that we do at The Beachbody Company.

同樣，營養領域的 TAM 也在不斷增長，我對有機會擴大我們的補充劑目錄的知名度和吸引力感到特別興奮。在健康和健身領域擁有 25 年經驗的公司並不多，也沒有一家公司擁有像 The Beachbody Company 這樣的敏捷性和現有資產來創造新機會。

I appreciate the commitment and resilience of our team and our stakeholders and look forward to sharing news of our progress in the months ahead.

我讚賞我們團隊和利害關係人的承諾和韌性，並期待分享我們在未來幾個月的進展。

I’ll now ask the operator to open it up for questions.

我現在請接線員打開它詢問問題。

(Operator Instructions)

（操作員說明）

Susan Anderson, Canaccord Genuity.

蘇珊安德森，Canaccord Genuity。

Hi. Good evening. Thanks for taking my question. I guess really quick on the Nutrition segment. So it sounds like you’re much more bullish on nutrition business with the new strategies that you’re laying out. I guess what’s driven that bullishness and really kind of doubling down on the category and then also just on the Nutrition segment, is the DTC site now up and running to purchase online?

你好。晚安.感謝您提出我的問題。我想營養部分的速度很快。因此，聽起來您對營養品業務更加看好，並製定了新策略。我猜是什麼推動了這種看漲情緒，並在該類別以及營養品領域加倍下注，DTC 網站現在是否已啟動並運行在線購買？

And I guess if so, I’m just curious if there’s any early reads on the traction there or response from consumers. Thanks.

我想如果是這樣，我只是好奇是否有任何關於那裡的吸引力或消費者反應的早期讀物。謝謝。

Thanks, Susan. Great to hear from you. So we literally just a few weeks ago, put our energized product up on thebody.com site and so we’ll be adding functionality to that to make that something that people can add to cart as they check out with a digital subscription or a digital program purchase. And we’ll be adding additional SKUs, really, every month we’ll be expanding the addition of SKUs on thebody.com site.

謝謝，蘇珊。很高興收到你的來信。因此，就在幾週前，我們將我們的活力產品放在了 thebody.com 網站上，因此我們將為其添加功能，使人們可以在透過數位訂閱或訂閱結帳時將其添加到購物車中。數位節目購買。我們將添加更多 SKU，實際上，每個月我們都會在 thebody.com 網站上增加 SKU 的添加量。

But as you know, we also have, I believe it’s five different products up on Amazon, and we continue to see that grow for us as well. So we’re doing this gradually to make sure that we do it right and that we have the highest ratio between CAC and LTV and we’ll start direct marketing against those nutritional’s probably about mid-September.

但如您所知，我相信亞馬遜上還有五種不同的產品，我們也將繼續看到這種產品的成長。因此，我們正在逐步這樣做，以確保我們做得正確，並且我們的 CAC 和 LTV 之間的比率最高，並且我們將開始針對這些營養品進行直接營銷 - 可能在 9 月中旬左右。

And Susan, this is Mark Goldston. Nice to talk to you.

蘇珊，這是馬克‧戈德斯頓。很高興和你說話。

Hi, Mark.

嗨，馬克。

Just in – to the other part of your question about what made us seemingly all of a sudden have such a bullish outlook on the nutrition category. I’ll tell you what it is. We looked at the TAM and the massive growth that some brands are having in the nutritional segment. It’s $164 billion TAM, and we’ve got these great brands that frankly up until now, 99% of which have only been sold to people who are current members of the BODi network.

就在您問題的另一部分，即是什麼讓我們似乎突然對營養類別抱持如此樂觀的前景。我會告訴你它是什麼。我們研究了 TAM 以及一些品牌在營養領域的巨大成長。TAM 價值 1,640 億美元，坦白說，到目前為止，我們擁有這些偉大的品牌，其中 99% 只出售給 BODi 網路的當前成員。

So if you were outside of our network, you didn’t even get presented with Shakeology other than our recent initiative on Amazon. So we looked at the this massive TAM and the fact that we’ve got superior formulation products and said, boy, we really need to go after the general market, not just the people in our current subscriber base. And that’s a huge opportunity because at one point several years ago, nutrition was an $800 million business just at BODi alone.

因此，如果您不在我們的網路範圍內，除了我們最近在亞馬遜上推出的舉措之外，您甚至不會看到 Shakeology。因此，我們著眼於如此龐大的 TAM 以及我們擁有優質配方產品的事實，並表示，我們確實需要瞄準一般市場，而不僅僅是我們當前的訂戶群中的人們。這是一個巨大的機會，因為幾年前，光是 BODi 的營養業務就創造了 8 億美元的業務。

So we did, at our peak, $800 million, as we said in the prepared remarks, while fitness, even in its glory days, was 365 million. So we’re bullish on fitness, but we really think there’s a big opportunity in nutrition and we’ve not attempted to sort of go outside the walled garden to try to get it, and now we are.

因此，正如我們在準備好的發言中所說，我們在巔峰時期賺了 8 億美元，而健身即使在其輝煌時期，也達到了 3.65 億美元。因此，我們看好健身，但我們確實認為營養方面存在巨大機遇，而且我們並沒有試圖走出圍牆花園去嘗試獲得它，但現在我們做到了。

Okay, great. That’s really helpful. Yes, it definitely does seem like a great opportunity. And then I guess maybe if you could give some more color just on your win back campaign with your 14 million database. I guess I’m just curious, with those that you have targeted, what’s been the conversion rate and do you typically see pretty good retention afterwards?

好的，太好了。這確實很有幫助。是的，這確實看起來是一個很好的機會。然後我想也許你可以用 1400 萬個資料庫為你的贏回活動提供更多的色彩。我想我只是好奇，對於您所瞄準的那些人，轉換率是多少？

And then also maybe within that you could talk about just marketing spend for the back half of the year and customer acquisition spend plans. Thanks.

然後也許在其中您可以只討論下半年的行銷支出和客戶獲取支出計劃。謝謝。

Okay. I’ll take the first part of that and I’ll see if I can answer the second part of that. The CRM campaign is gradually picking up steam. It’s taking a while to make sure, as I mentioned in the opening, that we’re not spamming these people.

好的。我將回答第一部分，然後看看我是否可以回答第二部分。CRM 活動正逐漸升溫。正如我在開頭提到的，我們需要一段時間才能確保我們不會向這些人發送垃圾郵件。

And because this is an old, large database, we need to make sure that we’re organizing them by cohorts so that we’re creating a relationship, not just giving them offers. We have started to send more frequent email messages.

由於這是一個古老的大型資料庫，我們需要確保按群組對他們進行組織，以便我們建立一種關係，而不僅僅是向他們提供報價。我們已開始更頻繁地發送電子郵件。

And in fact, the BODi LAVA launch was successful in June and early July because of the frequency and approach to the emails that we sent out. That was like a big aha for us as we now realize how we can launch a product into the larger database.

事實上，由於我們發送電子郵件的頻率和方式，BODi LAVA 的發佈在 6 月和 7 月初取得了成功。這對我們來說就像一個大驚喜，因為我們現在意識到如何將產品發佈到更大的資料庫中。

But we’re starting now, the team is starting to divide them by cohorts, and that’s when we can start to get more productive and that’s when we can have a more predictable rate of conversion. But it’s early for me to report on that. I’m not sure if the finance guys will even let me report on it, but we’re seeing signs that there’s ongoing value there and we’re getting better at conversion as we are more scientific about defining the cohorts and demographics within the database.

但我們現在就開始了，團隊開始按群組劃分他們，那時我們就可以開始提高工作效率，也可以有更可預測的轉換率。但對我來說現在報告這一點還為時過早。我不確定財務人員是否會讓我對此進行報告，但我們看到有跡象表明那裡存在持續的價值，並且隨著我們更加科學地定義資料庫中的群組和人口統計數據。

As for the media spend in the back half of the year, really what Mark said in his opening comments is really the point. Our job is to generate free cash flow and generate customers that are profitable and we get a return on ad spend as quickly as possible.

至於下半年的媒體支出，馬克在開場白中所說的確實是重點。我們的工作是產生自由現金流並產生可獲利的客戶，並儘快獲得廣告支出回報。

So we’re maximizing cash availability to us and going into the third quarter obviously that spend in September, October, November as we get into the fourth quarter starts to get tricky in the fall months. But I’m quite excited, frankly, about the promotions that we’ve got set up for the third and fourth quarter, price point testing that we’re doing and also the products that I mentioned that we’ll be launching.

因此，我們正在最大限度地增加可用現金，進入第三季後，顯然，當我們進入第四季時，在 9 月、10 月和 11 月的支出在秋季開始變得棘手。但坦白說，我對我們為第三和第四季度設定的促銷活動、我們正在進行的價格點測試以及我提到的我們將推出的產品感到非常興奮。

So I don’t expect us to dramatically increase our spending, but I do expect that it’s sort of stay the course is the way I would put it.

因此，我並不期望我們大幅增加支出，但我確實希望按照我所說的方式保持不變。

So a relatively stable (technical difficulty) ratio.

所以有一個相對穩定的（技術難度）比例。

Okay, great. Thank you. That’s really helpful. Good luck the rest of the year.

好的，太好了。謝謝。這確實很有幫助。祝你今年剩下的時間一切順利。

Thank you, Susan.

謝謝你，蘇珊。

George Kelly, Roth Capital Partners.

喬治凱利，羅斯資本合夥人。

Hi, everybody.

大家好。

Hi George.

嗨喬治。

First question for you. Hi, Mark. So I’m curious, how is your partner network trended since the commission changes were implemented earlier this year?

第一個問題給你。嗨，馬克。所以我很好奇，自今年稍早實施佣金變更以來，您的合作夥伴網路的趨勢如何？

I would say that in general, there it’s gone better than we actually could have even expected. Meaning when you make these kind of changes, it can be unsettling to a large network like this, and it could go way worse than it did.

我想說的是，總的來說，情況比我們實際預期的要好。這意味著當您進行此類更改時，可能會令像這樣的大型網路感到不安，並且情況可能會比原來更糟。

But the justification, the network wants to make sure that the company is strong so that they’re representing both products and a company that will be there to satisfy the promises that they’re making to friends and family and followers. But at the same time, overall it is a challenging environment for, I think, all network marketing companies, particularly in the domestic market.

但理由是，該網路希望確保公司強大，以便他們既代表產品，又代表一家公司，能夠履行他們對朋友、家人和追隨者所做的承諾。但同時，我認為，總體而言，對於所有網路行銷公司來說，這是一個充滿挑戰的環境，尤其是在國內市場。

So while the reaction and response to the changes in the comp plan have been accepted without any, I would say consequence, the overall market remains fairly volatile and something that we’re constantly working to help the network get new training and understand how to leverage our products and promotions to the best benefit for them.

因此，雖然對補償計劃變化的反應和反應已被接受，但我想說的是，整體市場仍然相當不穩定，我們正在不斷努力幫助網絡獲得新的培訓並了解如何利用我們的產品和促銷活動為他們帶來最大利益。

So like I said, coming out of Summit, we had a great response to the BODi LAVA program, which was perfectly positioned as a summer program. And now we’ve got a, for instance, a promotion around shakeology that I think the network is very excited about, and that takes into account the comp plan changes that we did at the beginning of the year.

正如我所說，在峰會結束後，我們對 BODi LAVA 項目反應熱烈，該項目完美定位為夏季項目。例如，現在我們有一個圍繞震動學的促銷活動，我認為網路對此非常興奮，並考慮到了我們在年初所做的補償計劃變化。

Okay, understood. And then a couple of questions for you on the nutrition business. First, maybe you’re not going to want to do this, but could you help even if you don’t give a specific number, like how big is that outside of your partner network?

好的，明白了。然後問您幾個關於營養產業的問題。首先，也許您不想這樣做，但即使您沒有給出具體數字（例如您的合作夥伴網絡之外的規模有多大），您是否可以提供幫助？

And how fast is it growing in these direct channels you’ve talked about? And then maybe a follow up to the prior question. If you don’t plan on materially increasing your marketing spend feeding people into Amazon or your direct website, how else can you really get attention behind these new channels?

您談到的這些直接管道的成長速度有多快？然後也許是對前一個問題的跟進。如果您不打算大幅增加行銷支出，讓人們進入亞馬遜或您的直營網站，那麼您如何才能真正在這些新管道背後獲得關注？

Well, I mean, I’ll just, I’ll take part of that, George. Essentially, what we’ve done with our partner on Amazon is we put the product in front of people where previously it was there in a very de minimis manner and it wasn’t even priced accordingly. It was priced way above market. So that’s a channel that starts sort of feeds its own gas pedal right now. In terms of spend going forward I don’t believe in the past 36 months and maybe ever that the company’s ever spent direct response marketing dollars promoting nutrition, largely because you had to be in the network to buy it.

好吧，我的意思是，我只是，我會參與其中，喬治。從本質上講，我們與亞馬遜合作夥伴所做的就是將產品以非常微不足道的方式呈現在人們面前，甚至沒有相應的定價。它的價格遠高於市場價格。因此，這個頻道現在就開始為自己的油門踏板提供動力。就未來的支出而言，我不相信在過去的 36 個月裡，也許永遠不會，該公司曾經花過直接響應行銷資金來宣傳營養，主要是因為你必須在網路上購買它。

So when we start spending money in direct response on nutrition, it will essentially be a first for us. And so we will use the same return on ad spend ROAS and LTV to CAC ratios that we use on the digital fitness side of the business to make sure that there’s a good return on invested capital.

因此，當我們開始花錢直接處理營養問題時，這對我們來說基本上是第一次。因此，我們將使用與數位健身相同的廣告支出回報率 ROAS 和 LTV 與 CAC 比率，以確保投資資本獲得良好回報。

And with the margin structure that we’ve got, George, and the cost savings that we continue to implement, we would take available dollars and reinvest them in the incrementality that’s generated by the nutrition business so that we continue to feed the engine.

喬治，憑藉我們現有的利潤結構以及我們繼續實施的成本節約，我們將利用可用資金並將其重新投資於營養業務產生的增量，以便我們繼續提供食物引擎。

So this is not something where you make an investment spend. You sit back and let’s see how it goes. We get dynamic reads every single day on our spend and we know where we optimize and where we can spend more and nutrition will be a new initiative for us. And, it’s going to take us some time, as you can imagine, to build external awareness outside of the network. But once we do, we think there’s a tremendous opportunity there.

所以這裡不是你投資的地方。您坐下來看看進展如何。我們每天都會獲得有關我們支出的動態讀數，我們知道我們在哪裡優化以及我們可以在哪裡花費更多，營養對我們來說將是一項新舉措。而且，正如您可以想像的那樣，我們需要一些時間才能在網路之外建立外部意識。但一旦我們這樣做了，我們就會認為那裡存在著巨大的機會。

Let me add, George. This is one of the things that fed the company very early on. And really, I think one of the reasons that it grew so fast in the early 2000s was the fact that we were the only company that could combine fitness content with nutrition.

讓我補充一下，喬治。這是公司早期發展的動力之一。事實上，我認為它在 2000 年代初發展如此迅速的原因之一是我們是唯一一家能夠將健身內容與營養結合的公司。

So, and that just builds that additional LTV lets you run at what we call a higher media allowable. So we actually can make our advertising go farther because now we’ll have that additional contribution to every transaction as we convert people to not just buying a digital subscription or digital program, but adding nutrition continuity to it.

因此，這只是建立了額外的 LTV，讓您可以在我們所說的更高的媒體允許範圍內運行。因此，我們實際上可以讓我們的廣告走得更遠，因為現在我們將為每筆交易做出額外的貢獻，因為我們讓人們不僅購買數位訂閱或數位節目，而且還為其添加營養連續性。

So it’s really going to open up the spigot, if you will, to our ability to get more leverage on every dollar we spend.

因此，如果你願意的話，這確實會打開水龍頭，讓我們能夠更好地利用我們花的每一美元。

And as we move into 2025, we talked about the innovation pipeline. Carl alluded to this in the prepared remarks. We’ve got a major nutrition innovation in that pipeline that we’re working on that will come out, hopefully in 2025.

當我們進入 2025 年時，我們討論了創新管道。卡爾在準備好的發言中提到了這一點。我們正在該管道中進行一項重大營養創新，希望能在 2025 年推出。

That’s really exciting and opens up a whole new opportunity for us on top of what we’ve got right now in the nutrition arsenal. So from a product standpoint, we feel really strong about it. We don’t have the awareness yet outside of the network. That’s what we’re going to start to work on.

這確實令人興奮，除了我們目前擁有的營養庫之外，還為我們開闢了一個全新的機會。因此，從產品的角度來看，我們對此感覺非常強烈。我們還沒有網路之外的意識。這就是我們要開始努力的方向。

And then the new product that we’re talking about in 2025 is something that will start out with a high level of awareness because of what it is.

然後，我們正在談論的 2025 年新產品將因其本質而受到高度關注。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

(Operator Instructions) There are no questions registered in queue at this time. I’d like to pass the conference over to Mark Goldston for closing remarks.

（操作員說明） 目前佇列中沒有登記任何問題。我想將會議交給馬克‧戈德斯頓 (Mark Goldston) 致閉幕詞。

Thank you very much. We appreciate everybody attending the call today. And as always, if you have any additional reason for import or questions, please reach out to the company and thank you very much. We’ll see you next quarter. Bye.

非常感謝。我們感謝今天參加電話會議的所有人。像往常一樣，如果您有任何其他進口原因或疑問，請聯繫該公司，非常感謝。我們下季見。再見。

That will conclude today’s conference call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您有個愉快的一天。